- BofA analyst Muneeba Kayani downgraded ZIM Integrated Shipping Services Ltd (NYSE:ZIM) to Underperform from Buy and lowered the price target to $40 (a downside of 8%) from $79.
- The analyst revealed concerns over weaker U.S. demand.
- Kayani states that large U.S. retailers have signaled to weaken spending on goods and excess inventories, and this, along with congestion unwind at U.S. ports, could result in a notable correction in ocean spot rates.
- Price Action: ZIM shares are trading lower by 7.69% at $43.59 on the last check Friday.
Agios Pharmaceuticals (NASDAQ:AGIO) reported quarterly losses of $(4.23) per share which beat the analyst consensus estimate of $(6.56) by 35.52 percent. This is a 28.31 percent increase over losses of $(5.90) per share